Mining bitcoins is one of the most demanding and challenging activities when it comes to earning them. And since it got more difficult over time, it’s expected that software requirements and energy consumption will increase in the future. However, even if mining gets more complex and the rewards are not as easy to earn as in the past years, investors won’t fear going bankrupt since the cryptocurrency industry has proved to be reliable.
But besides expensive hardware, users must also consider proper software solutions that can generate a sustainable passive income, which is why we’ll talk about some of the most used software solutions and what you should consider when choosing one.
CGMiner is one of the oldest bitcoin mining software, and it was developed in 2011, two years after Bitcoin’s revealed on the market. Just like bitcoins, CGMiner has proved to be a stable solution for miners. Here’s why:
- It’s an open-source system, making it doable for almost anyone to verify the software’s code since it’s written in C;
- It runs on Mac, Windows and Linux;
- It’s compatible with ASIC, GPU and FPGA;
What makes it the best is also the fact that CGMiner is easy to understand. The simple interface and direct controls allow users to experience cross-platform and cross-hardware compatibility. However, CGMiner also has some drawbacks:
- It might not be the best choice for beginners due to its lack of a graphical user interface;
- The software program is challenging to install on Windows computers;
- Antivirus solutions can sometimes interfere with the program and hinder the mining process;
Regardless of the disadvantages, this software program might be preferred by users since they can mine more than one cryptocurrency at a time, which helps them build a strong and balanced portfolio. This allows another cryptocurrency to be successfully mined through CGMiner, Ethereum. The Ethereum price on Binance is widely preferred instead of Bitcoin at times, mostly because the blockchain is more accessible to miners. The two cryptocurrencies are currently fighting for supremacy, but are also the two most stable and profitable ones on the market.
BFGMiner is the second most liked bitcoin mining solution. Released in 2012, it was designed especially for FPGA and ASIC types of mining and is the perfect choice for advanced users; and also offers more options than CGMiners in terms of actions. The program is great because:
- It can mine multiple cryptocurrencies at the same time;
- It also runs on Mac, Windows and Linux;
- It’s compatible with ASIC and FPGA;
The best thing that BFGMiner does is that it can simultaneously have on-mining algorithms. Hence, it allows users to mine, hedge and redistribute the mining outcomes, which minimizes their risk overall. But CGMiner has some disadvantages too:
- Like CGMiner, the lack of GUI makes the software hard to understand and use by beginners;
- It’s only compatible with FPGA and ASIC, which limits the program’s capabilities;
- The command-line interface with customizable hotkeys might be challenging to break in;
MultiMiner is one of the programs suitable for beginners. It was developed in 2013 with the same mining engine used for BFGMiner, and it was made so that users would not be required to learn and apply specific technical skills to use it. Its benefits include:
- A great graphical user interface;
- Automated mining features;
- Compatible with Windows, Mac and Linux;
MultiMiner’s easy-to-use GUI features and the quick-start mining advancements make this program the best choice for someone who’s only started mining bitcoins. When installing the program, you’re guided through the process, and your hardware details are scanned to ensure they can sustain the mining process.
What’s cool about MultiMiner is that it even shows you how to connect to a pool (which is the best mining technique for a beginner) and where to enter the necessary information. The program also lets you choose a preferred mining strategy while it automatically mines for the most profitable cryptocurrencies. However, MultiMiner is limited by the following:
- Less customization for experienced users;
- The need for additional software for Linux and Mac computers;
How to choose the best mining software
When it comes to mining, you need to consider some factors for choosing the most suitable mining program because not all miners have the exact needs and goals. Therefore, here’s what you need to check in the software program:
- OS compatibility. Since most programs have been initially made for Linux or Windows computers, if you own a Mac, you should check the compatibility and ensure you can use your computer and benefit from the same mining solutions;
- Hardware compatibility. As discussed previously, not all software programs are compatible with GPU miners. For example, Windows computers can’t run more than 8 GPUs from the same brand, so you should look into hardware requirements;
- Coin support. In case you don’t want to mine bitcoin, there are millions of other cryptocurrencies out there that might appeal to you. However, not all of them are compatible with the software solution you wish for;
- GUI/CLI. Graphical User Interface (GUI) is what makes the program easier to use by beginners, whereas Command Line Interface (CLI) is usually advisable for more experienced miners;
- Web and Mobile support. If you want to monitor your activity more often, you might want to have a web and mobile-supported software program;
But the software should apply to your needs and goals. Before getting one and failing to use it, ask yourself if you want to mine for a longer time and make real passive income or just mine for a shorter period and mine as a hobby. The answer to this question will help you choose something that can help you gain cryptocurrencies without risking too many resources and making important expenses. Because if you want to create a substantial passive income from cryptocurrencies, you need proper computational power that can sustain the whole process.
Whether you want to mine as a passion or for incentives, know that you need to make thorough research beforehand if you’re going to reach your goal and eliminate some of the impediments on the way. So, look for the bitcoin mining software that appeals the most to you and get mining safely, rapidly and efficiently!
Alexia is the author at Research Snipers covering all technology news including Google, Apple, Android, Xiaomi, Huawei, Samsung News, and More.